Which of the following events would result in an increase in equilibrium price and an ambiguous change in equilibrium quantity?

Question

Quizplus · Accepted Answer

A decrease in supply and an increase in demand will lead to an increase in equilibrium price, as there is less supply available to fulfill the increased demand. However, the change in equilibrium quantity is ambiguous as it depends on the magnitude of the changes in supply and demand.

Which of the Following Events Would Result in an Increase